Lotus Technology (NASDAQ:LOT) Trading 7.8% Higher – Time to Buy?

Lotus Technology Inc. (NASDAQ:LOT) rose 7.8% during mid-day trading on Tuesday . The company traded as high as $2.84 and last traded at $2.75. Approximately 60,650 shares traded hands during trading, a decline of 49% from the average daily volume of 119,055 shares. The stock had previously closed at $2.55.

Lotus Technology Stock Down 2.3 %

The company has a market capitalization of $1.75 billion, a PE ratio of -1.66 and a beta of 0.09. The firm’s 50-day moving average is $3.23 and its 200-day moving average is $4.24.

Lotus Technology (NASDAQ:LOT) last announced its quarterly earnings data on Thursday, November 21st. The company reported ($0.30) earnings per share for the quarter.

Hedge Funds Weigh In On Lotus Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in shares of Lotus Technology by 178.8% in the fourth quarter. Bank of America Corp DE now owns 7,560 shares of the company’s stock valued at $27,000 after acquiring an additional 4,848 shares during the period. JPMorgan Chase & Co. bought a new stake in shares of Lotus Technology in the third quarter worth about $32,000. Jane Street Group LLC purchased a new position in Lotus Technology during the 4th quarter valued at about $37,000. State Street Corp bought a new position in Lotus Technology during the 3rd quarter valued at approximately $58,000. Finally, Merit Financial Group LLC bought a new position in Lotus Technology during the 4th quarter valued at approximately $46,000. 63.40% of the stock is currently owned by institutional investors.

About Lotus Technology

Lotus Technology Inc engages in the design, development, and sale of battery electric lifestyle vehicles worldwide. It also distributes sports cars. The company sells its products under the Lotus brand. Lotus Technology Inc is based in Shanghai, China.